Bank of America Corp DE Lowers Holdings in NBT Bancorp Inc. (NASDAQ:NBTB)

Bank of America Corp DE decreased its position in NBT Bancorp Inc. (NASDAQ:NBTB - Free Report) by 27.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,749 shares of the bank's stock after selling 29,075 shares during the quarter. Bank of America Corp DE owned 0.17% of NBT Bancorp worth $3,761,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings in NBT Bancorp by 817.7% in the fourth quarter. Sterling Capital Management LLC now owns 1,450 shares of the bank's stock valued at $69,000 after acquiring an additional 1,292 shares in the last quarter. Rialto Wealth Management LLC acquired a new stake in NBT Bancorp in the fourth quarter valued at approximately $87,000. US Bancorp DE raised its holdings in NBT Bancorp by 42.0% in the fourth quarter. US Bancorp DE now owns 1,836 shares of the bank's stock valued at $88,000 after acquiring an additional 543 shares in the last quarter. Crews Bank & Trust acquired a new stake in NBT Bancorp in the fourth quarter valued at approximately $98,000. Finally, KBC Group NV raised its holdings in NBT Bancorp by 47.5% in the fourth quarter. KBC Group NV now owns 2,152 shares of the bank's stock valued at $103,000 after acquiring an additional 693 shares in the last quarter. Institutional investors and hedge funds own 58.46% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NBTB shares. Hovde Group started coverage on shares of NBT Bancorp in a report on Friday, March 21st. They set a "market perform" rating and a $50.00 price objective on the stock. DA Davidson cut their price objective on shares of NBT Bancorp from $57.00 to $53.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Finally, Wall Street Zen cut shares of NBT Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $52.75.

NBT Bancorp Stock Performance

Shares of NBTB traded up $0.14 during mid-day trading on Friday, reaching $42.18. 248,123 shares of the company's stock were exchanged, compared to its average volume of 238,989. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $1.99 billion, a PE ratio of 14.25 and a beta of 0.58. The business's fifty day simple moving average is $41.82 and its 200-day simple moving average is $45.63. NBT Bancorp Inc. has a 52-week low of $34.47 and a 52-week high of $52.44.

NBT Bancorp (NASDAQ:NBTB - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $0.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.76 by $0.04. NBT Bancorp had a net margin of 17.84% and a return on equity of 9.39%. The business had revenue of $155.31 million for the quarter, compared to analyst estimates of $151.00 million. During the same period last year, the firm posted $0.68 earnings per share. On average, equities research analysts expect that NBT Bancorp Inc. will post 3.69 earnings per share for the current year.

NBT Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.34 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $1.36 dividend on an annualized basis and a yield of 3.22%. NBT Bancorp's payout ratio is currently 45.03%.

Insider Buying and Selling at NBT Bancorp

In other news, Director John H. Watt, Jr. sold 7,869 shares of NBT Bancorp stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $42.02, for a total transaction of $330,655.38. Following the completion of the transaction, the director now owns 116,027 shares of the company's stock, valued at $4,875,454.54. The trade was a 6.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Heidi M. Hoeller purchased 2,553 shares of the business's stock in a transaction dated Tuesday, April 29th. The shares were purchased at an average cost of $43.21 per share, with a total value of $110,315.13. Following the purchase, the director now directly owns 8,990 shares in the company, valued at approximately $388,457.90. The trade was a 39.66% increase in their ownership of the stock. The disclosure for this purchase can be found here. 3.03% of the stock is owned by corporate insiders.

NBT Bancorp Company Profile

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.